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Turn 2 Weeks of Work into 10 Minutes

Oil & Gas Company Benefits from Working with Solutions Development Team

When one of the largest privately-held oil and gas acquisition, development and production companies in the U.S. needed to provide assurance to key stakeholders that controls within accounts payable processes were working as intended, they found themselves with 60+ different fields of data, spanning two years. They also wanted a way to automate the review and approval process.

After a few discussions with the Audimation Services Solutions Development team, the project was underway. The team joined and matched more than 60 data fields to properly track and validate the records. The data was imported into IDEA, where an automated workflow was used to compare, analyze and verify two years of vendor payment and approval information. Actions performed:

✓ Tracked, confirmed and normalized master file records using 60+ different data fields
✓ Excluded exact reversals from vendor invoice files
✓ Identified any duplicate master vendor records and invoices
✓ Identified invoices with the same vendor number, date and amount, but different invoice number
✓ Identified invoices that were approved by only one person
✓ Validated reconciliation reports and control totals against the master record
✓ Calculated spending changes over a 2-year period
✓ Provided results in Excel format by region, approver and vendor for review

By auditing and testing accounts payable transactions, the company’s internal auditors were able to determine whether controls were working as expected. Data from multiple systems had never been joined to compare information between locations, which provided new and valuable insights.

The automated process reduced the manual review process from two weeks to 10 minutes. More importantly, the new process allowed the auditors to get to the root cause of errors and analyze trends over time.

This is just one example of how we’re able to take even the most complex project and turn it into an improved business process. We start by assessing the challenge and understanding your goals, developing solutions, testing to ensure it works, then automating the entire process for optimal efficiency. Our services include outsourced analytics, programming, data acquisition and importing, product implementation, process automation and optimization, and so many more.

Our experts specialize in helping clients achieve things they wouldn’t be able to accomplish otherwise.

Virginia Tech Students Gain Confidence Using Data Analytics

Learn how Associate Professor of Practice Nadia Rogers, CPA, introduced students to IDEA, including types of audit tests that can be performed within the software and various documentation aspects of an audit engagement.